Algiers Point Home Prices Expanding

Algiers Point home pricesAlgiers Point Home Prices

In the past, when someone said they want to buy in Algiers Point, we knew they usually meant that they wanted to live in the area between Opelousas Street and the Mississippi River. Crossing over Opelousas meant homes that were typically tenant occupied. They probably were in need of maintenance. They definitely were sold at a much lower price point.

Where are we talking about?

The section of Algiers Point as shown on the map below. For years, agents have been saying that the area between Opelousas and Newton Streets is the next big thing as prices rose in what most people would consider the Point. Now, the numbers are proving it.

What’s changing?

Prices. In a big way. Back in 2012, there were 16 single and multi-family homes sold, at an average sales price of $55,456. In 2016, there were 34 units sold, at an average price of $160,644. That’s a huge increase in pricing in just 5 short years.

 


 

Algiers Point home prices

Let’s compare low and high sales prices between 2012 and 2016

In 2012, 10 homes sold under $75,000 and 3 homes sold over $100,000.

In 2016, 11 homes sold under $100,00 and 14 sold for $185,000 and up. The highest priced sale in 2016 was the home at 420 Slidell Street that sold for $344,000 – a price unheard of just a few short years ago.

Is the neighborhood still in flux? Certainly. Not every home has been renovated and not every home is in excellent condition. We can still clearly see that the closer to Opelousas Avenue, the higher the price. Another factor in pricing is the condition of surrounding properties. Blocks filled with renovations means a higher price, while blocks that haven’t received owner attention are moving for lower dollars.

But, as East Bank prices continue to be out of reach for some home buyers, we expect to see these increases continue.

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